AutoZone reports below-consensus Q1 earnings, slower same-store sales growth

Investing.com  |  Author Vahid Karaahmetovic

Published Dec 10, 2024 21:16

AutoZone reports below-consensus Q1 earnings, slower same-store sales growth

Investing.com -- AutoZone (NYSE:AZO) reported first-quarter earnings that missed market expectations. The company’s shares traded marginally lower in premarket trading Tuesday.

AutoZone posted earnings per share (EPS) of $32.52, missing the $33.60 projected by analysts. Revenue for the quarter came in at $4.3 billion, in line with consensus estimates.

Comparable sales increased by 0.4%, trailing the prior year’s growth of 3.4% and slightly missing the estimate of 0.45%.

Domestic comparable sales rose by 0.3%, down from last year’s 1.2% growth and below the forecast of 0.74%.

International comparable sales grew by 1%, significantly slower than the 25.1% growth recorded a year ago and marginally underperforming the 1.02% estimate.

“I would like to thank all our AutoZoners across the globe for their efforts in helping us deliver solid first quarter results,” said Phil Daniele, President and CEO of AutoZone.

“We feel we are well positioned for growth heading into the remainder of the fiscal year, as we believe the initiatives we have in place to improve customer service and grow market share are on track.”

Operating profit stood at $841.1 million in the first quarter, a 0.9% decline year-over-year and below the $848.3 million analyst projection.

Meanwhile, gross margin improved slightly to 53%, surpassing last year’s 52.8% and in line with forecasts.

Get The App
Join the millions of people who stay on top of global financial markets with Investing.com.
Download Now

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes